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Stablecoins added to agenda of US financial stability watchdog

Set for a private session at their October 18 meeting.

Stablecoins have become official business of the Financial Stability Oversight Council, the U.S. uber regulator responsible for heading off dangers to the financial system.

The FSOC is considering the cryptocurrencies at its next meeting, according to an agenda released Friday.

The group of financial regulators is set to hear “an update on the report on stablecoins being developed by the President’s Working Group on Financial Markets” in a private session at their Oct. 18 meeting. That report is expected to favor oversight of stablecoins as a kind of banking deposit, people familiar with the effort have said, and the working group’s members have also discussed whether the FSOC should look into the tokens as a financial stability risk.

The working group — including the heads of the Federal Reserve, Securities and Exchange Commission and other agencies — shares members with FSOC, and both are led by Secretary of the Treasury Janet Yellen. The FSOC members are also scheduled to issue a report about addressing climate-change risks, which is a response to an executive order from President Joe Biden.

© 2021 Bloomberg L.P.

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